
TAX DEDUCTION
As a child care professional, you know how important it is to provide a nurturing and healthy environment for children and staff. But when it comes to taxes, navigating the complex world of deductions and credits can be overwhelming. As a hard-working business owner, creating a financially healthy and sustainable business is your top priority.
Most people think the Section 179 deduction is some mysterious or complicated tax code. It really isn’t, as you will see below.
Essentially, Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed and delivered by the end of the tax year. That means that if you buy a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE from your gross income. It’s an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves.